The long position I opened a few days ago luckily got stopped out... not even giving a 1% chance, the market is truly incomprehensible. The coins held by institutions are all borrowed, and they’re using these borrowed coins to open long positions. During the downturn, to avoid liquidation, they can only reduce positions and sell coins to repay debts. This creates a vicious cycle... Don’t want to get liquidated → sell coins → price drops → getting closer to liquidation price. For example, Yi Lihua sold off his ETH position to repay debts and avoid liquidation. Currently, the liquidation price has been lowered to around $1600, but he still holds a long position of 320,000 ETH, worth $640 million... If this really gets liquidated, we might see ETH at $1300-$1100.